TUNGSTEN MINING NL — Capital/Financing Update 2018

Jul 26, 2018

Vital Metals Ltd ACN 112 032 596 Suite 1, 91 Hay Street Subiaco, WA 6008 Telephone: +61 8 9388 7742 Fax: +61 8 9388 0804 Email: vital@vitalmetals.com.au

27 July 2018

Market Announcements Platform Australian Securities Exchange

Formal Sale Agreement signed for Watershed Tungsten Project

Vital Metals Limited ( Vital or the Company ) (ASX: VML) refers to the binding term sheet announced on 2 May 2018 to sell its Watershed Tungsten Project in north Queensland to Tungsten Mining NL (ASX: TGN) ( Tungsten Mining ) for $15 million cash (the Agreement ).

Following completion of due diligence and preparation of formal transaction documents, the parties have executed the formal Sale Agreement to give effect to the transaction contemplated by the term sheet. Completion is anticipated to occur on 9 August 2018.

Yours sincerely

Matthew Foy Company Secretary Vital Metals Limited